By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Ecobank Nigeria, a unit of pan-African lender Ecobank Transnational Incorporated (ETI) said on Monday it has secured $150 million offshore loan from a group of international banks to help grow its loan book, the lender said in a statement.
The international banks include Commerzbank Aktiengesellschaft, Filiale Luxemburg, First Gulf Bank PJSC, Mashreqbank psc and Standard Chartered Bank acted as mandated lead arrangers and book runners.
Ecobank Nigeria says Standard Chartered Bank is the facility agent and also acted as co-coordinator and documentation agent in the facility expected to last for a one-year tenor.
The Nigerian unit of ETI affirmed the loan generated strong interest from the market, resulting in the facility being 50 percent oversubscribed, increasing from its original $100 million launch amount.
‘’The facility marks Ecobank’s debut in the international loan market and lays the groundwork for future fundraising on a broader basis, the lender said.
Jibril Aku, managing director of the bank endorsed the transaction. “This transaction broadens and strengthens Ecobank Nigeria’s base of lending banks. We are particularly encouraged by the response of the international markets, as it reflects confidence in our long-term growth plans,” Aku said.
On her part, Foluke Aboderin, Ecobank Nigeria’s executive director, corporate banking said the lender is very active in the financing of large-ticket transactions in telecoms, oil and gas and heavy industry. ‘’This facility will help to fund a number of transactions in these key sectors of Nigeria’s dynamic economy,” she affirmed.
